Mark Vengroff Of One Stop Housing Secures $15 Million Loan For Forest Cove Development In Bradenton
1478 45th Avenue Circle West
$15,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 30, 2026
AI
The asset involved is a development site located at 1478 45th Avenue Circle West in Bradenton. The project is a workforce housing initiative that aims to deliver 156 below-market-rate apartments as part of the Forest Cove development. The total project cost is estimated at $28.84 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Lender: Cogent Bank
- Landlord: Mark Vengroff - One Stop Housing
- Originator: Ian Fitzgerald - Largo Capital
- Supporting County Loan: $5,660,000
- Groundbreaking Expected: August 2026
- Expected Completion: Approximately two years from groundbreaking
Key individuals involved in the transaction include Mark Vengroff, representing One Stop Housing, which is leading the housing project. The loan was arranged by Ian Fitzgerald from Largo Capital, facilitating the financing needed for the construction of the development site.
Players
Bradenton Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93